Is there a reason why leasehold purchase conveyancing in Northop costs more?
In summary, leasehold conveyancing in Northop and Flintshire usually necessitates more hours of investigation compared to freehold transactions. This includes lease investigation, communicating with the landlord concerning serving applicable notices, obtaining up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.
We're in Northop, First timers buying with a mortgage (lender is Co-operative , and our solicitor is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Forgive me if this question is silly but I am wet behind the ears as FTB of a ground floor flat in Northop. Do I receive the keys to the premises on the completion date from my lawyer? If so, I will use a High Street conveyancing solicitor in Northop?
On the day of completion you do not need to go to the conveyancers office in Northop. Your solicitors will transfer the purchase money to the vendor’s lawyers, and shortly after the monies have arrived, you will be able to pick up the keys from the selling Agents and start moving into the property. Usually this occurs between 1 and 3pm.
Is it correct that all Northop CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing panel?
A selection of banks and building societies now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
I have today made my last payment due on my mortgage with Nationwide. I assume I don't need a Northop conveyancer on the Nationwide panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
I have been on the look out for a flat up to £245,000 and identified one round the corner in Northop I like with a park and station nearby, the downside is that it only has 52 years on the lease. There is not much else in Northop for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the shortness of the lease will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
My step-father has urged me to instruct his conveyancing solicitors in Northop. Should I use them?
No doubt the best way to select a conveyancing solicitor is to seek guidance from friends or family who have previously instructed the solicitor that you are contemplating using.